Which of the following is part of the economic way of thinking?
a. When an option becomes less beneficial, individuals will become more likely to choose it.
b. Costs are incurred whenever scarce resources are used to produce goods or services

When the price of wood (which is an input in the production of furniture) falls, the consumer surplus associated with the consumption of furniture

A) increases. B) decreases. C) does not change. D) could be any of the above.

Which statement is true?

A. There is no one single cause of homelessness. B. Most of the homeless have jobs. C. There are fewer Americans homeless than ten years ago. D. People are homeless because they want to be.